Shares of local TV station owners drop as rivals join forces in streaming sports

  • Shares of local TV station owners, including E.W. Scripps, Gray Television, and Sinclair, fell after national rivals struck a sports-streaming deal
  • Scripps stock fell over 21%, Gray TV stock slipped over 11%, and Sinclair stock fell almost 13%
  • ESPN, Fox, and Warner Bros. Discovery are teaming up to create a sports-streaming service
  • The service would offer content from all major leagues and be offered directly to consumers
  • Fox reported a 20% decline in advertising revenue from the previous year

Shares of local TV station owners, including E.W. Scripps, Gray Television, and Sinclair, fell after some of their national rivals struck a deal to band together in a sports-streaming pact. Scripps stock fell more than 21%, Gray TV stock slipped more than 11%, and Sinclair stock fell almost 13%. ESPN, Fox, and Warner Bros. Discovery announced their collaboration to create a sports-streaming service that would offer content from all major leagues directly to consumers. This news comes after Fox reported a 20% decline in advertising revenue from the previous year.

Public Companies: E.W. Scripps (Unknown), Gray Television (Unknown), Sinclair (Unknown), ESPN (Unknown), Fox (Unknown), Warner Bros. Discovery (Unknown)
Private Companies:
Key People:

Factuality Level: 8
Justification: The article provides factual information about the stock price movements of local TV station owners and the announcement of a sports-streaming service by ESPN, Fox, and Warner Bros. Discovery. The information is supported by specific numbers and statements from the companies involved.

Noise Level: 3
Justification: The article provides relevant information about the decline in shares of local TV station owners due to a sports-streaming pact among their national rivals. It includes specific details about the stock prices and the companies involved. However, it lacks in-depth analysis, scientific rigor, and actionable insights. The article also briefly mentions a quarterly readout from Fox, but it does not provide further context or explore the consequences of the advertising revenue decline.

Financial Relevance: Yes
Financial Markets Impacted: Shares of local TV station owners, including E.W. Scripps, Gray Television, and Sinclair, fell after their national rivals struck a deal to create a sports-streaming service.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the impact on the stock prices of local TV station owners due to a new sports-streaming pact between their national rivals. There is no mention of an extreme event.

Reported publicly: www.marketwatch.com